Money Saving Methods That Work

Money/Finances - Personal Finance
By: smdivin    
25-Sep-2011

Introduction:Saving money is almost a requirement nowadays and is highly recommended for no other reason than to have an emergency fund in place for the unexpected. Yet, thousands of people find it difficult to put aside a little extra because they are living paycheck to paycheck and aren't sure where to find savings. If you're looking to save some extra money, here are five surefire ways to get started.

  • 01

    Open a Savings Account

    You can't always rely on your ability to save money when you don't literally set money aside for specific things. If you keep all of your money in one account, you are much more likely to end up spending it frivolously. Instead, open up a separate account and transfer the amount you want to save from each paycheck (do your best not to touch it). This will make it much easier to track how much you are saving and make it less likely that you will spend what you intended to save.

  • 02

    Be More Frugal With Spending

    Make a habit out of asking yourself two questions each time you go shopping. "Do I really need this?" and "Is there a better deal on it somewhere else?" Many times, people will buy something just because they want it and not out of necessity. More so, they will make excuses for buying an item. Let's say for example, you want to start exercising. That is an extremely important health necessity, but do you really need to purchase that gym membership? Could you get just as good a workout at home or jogging outdoors? Additionally, people may buy things out of convenience. However, you'd be surprised how much you could save by taking the time to shop around and compare alternatives.

  • 03

    Cut Back on Your Bills

    You might find that you can save quite a bit just by lowering the amount you spend on your monthly bills. Sure, cutting back on one may not make much of an impact, but when you make the effort to skim a little bit off of all bills, you could have a good chunk of change to put aside. Lower your cable bill by switching to a smaller package. Save on electricity by turning off lights, appliances, and other items when not in use. Spend less at the grocery store by coupon clipping or investing in your own vegetable garden. The possibilities are endless when you put a little thought into it.

  • 04

    Take the Time to Research Other Money Saving Techniques

    How we save money can vary from person to person because everyone's spending habits are different. Checking out the plethora of money-saving tips on the web can provide you some great ideas on how you save more money. A quick search can give you some great ideas on techniques for saving on gas, credit cards, entertainment, housing, and much more!

  • 05

    Drop some Bad Habits

    People spend a lot of money each month on vices. Not only is it a good money-saver to eliminate any bad habits you may have, but they may also provide other benefits. Are you a smoker? The average person can save $150 or more each month by kicking the habit. Are you a heavy soda drinker? Perform an experiment and see how much you can save each month by drinking water instead of buying that 12-pack when you're running low. Eat out at restaurants a lot? Make a habit out of preparing homemade meals and watch the savings grow.


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